First Trust Advisors LP Raises Position in Ovintiv Inc. (NYSE:OVV)

First Trust Advisors LP grew its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 8.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 996,445 shares of the company's stock after acquiring an additional 75,920 shares during the period. First Trust Advisors LP owned about 0.38% of Ovintiv worth $40,356,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB raised its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after buying an additional 360 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares in the last quarter. Mizuho Bank Ltd. acquired a new stake in Ovintiv in the 4th quarter valued at about $40,000. Cullen Frost Bankers Inc. grew its holdings in Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after acquiring an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Ovintiv by 451.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after buying an additional 940 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on OVV. Barclays dropped their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company upped their price target on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Truist Financial boosted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $55.76.

Ovintiv Trading Up 1.1 %

NYSE OVV traded up $0.37 during trading hours on Monday, hitting $35.04. 2,520,833 shares of the company's stock were exchanged, compared to its average volume of 3,184,401. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of 4.65 and a beta of 2.04. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $53.57. The stock has a 50-day simple moving average of $38.62 and a 200 day simple moving average of $41.06. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.42%. Ovintiv's dividend payout ratio (DPR) is presently 28.57%.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.